Question

Clarke earns 2.5% interest on a savings account each year. If Clarke deposits $2,000.00 into a savings account, how much interest will Clarke earn during the first year?
$5,000.00

$500.00

$50.00

$5.00

Answer 1

SOLUTION

TO CHOOSE THE CORRECT OPTION

Clarke earns 2.5% interest on a savings account each year. If Clarke deposits $2,000.00 into a savings account, how much interest will Clarke earn during the first year

• $5,000.00

• $500.00

• $50.00

• $5.00

EVALUATION

Here it is given that Clarke earns 2.5% interest on a savings account each year.

Clarke deposits $2,000.00 into a savings account

So invested amount = P = 2000

Rate of interest = r% = 2.5%

Time = t = 1 year

Hence the required interest will Clarke earn during the first year

$\displaystyle \sf{ = \frac{2000 \times 2.5 \times 1}{100} }$

$\displaystyle \sf{ = \frac{5000 }{100} }$

$= 50$

FINAL ANSWER

Hence the correct option is $ 50.00

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